glennmercer
Long

EURGBP Long: Ride Wave 5

FX:EURGBP   Euro / British Pound
There has been a retrace after a bullish impulse that could be the start of wave-5-of-(Y). A drop below the start of wave-i would point to deeper retrace, so stop will be placed here and we will look for a lower entry with similar setup. The R/R is about 5:1, worth the risk of testing the breakout. I will update as receive more signals.
Trade active
Trade closed: stop reached: Watch for the next possible reversal level at AB=CD to complete a possible zig-zag. I'll only buy the pullback after an impulse from this level:

look more a downtrend for me
+1 Reply
Thanks Beny, that's a possibility as well. I am assuming with this trade that the bullish impulse to wave-5 is not yet complete. the risk to reward fits my trading style and I liked the small bullish impulse we just received. We will see in a few short hours.
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